Labor Day means big deals for car industry

Labor Day means big deals for car industry

MYRTLE BEACH, SC (WMBF) - Labor Day is a big sale time in the car industry because manufacturers are transitioning from 2015 models to the new 2016 models.

“The deal are red hot,” says Mickey Turner, the general sales manager at Myrtle Beach Hyundai. “The manufacturer certainly supports that and really tunes things up to get that inventory going to make room for the incoming ’16 model car.”

Turner says the manufacturers support this by increasing the incentives like low APR, 0% down, and big rebates for the remaining 2015 models.

“Now is the best time,” says Turner. “Because as that inventory dwindles, the colors and equipment starts to dwindle as well. The more desirable product starts to go quicker. So the earlier jump you get on that, the more selection you’ll have as far as those outgoing models.”

There are plenty of other variable to consider when you’re looking at a new car that is now a year older versus a brand new 2016 model. Turner recommends making sure the 2015 model you are considering is still brand new and has a full warranty.

Before you even hit the car lot, you need to determine your budget. Understand what your ideal budget is and what your absolute max budget is. And having a good idea of where your credit stands will help you in negotiations. If you make a trip to your bank to get a pre-approved loan before even test driving a car or discussing cost with a dealer, that can also help solidify a better deal.

“If customers have a good idea of what they’re looking to spend and what they can afford,” says Turner. “Because obviously we want to sell cars, but we don’t want to sell you a car that you can’t afford. And have those budgetary items pretty well in place so that they know what’s going to be comfortable for them financially.”

Beyond the finances, it’s also a good idea to think of the practical changes you’ll have to get used to if you’re making a big switch between vehicles. You might have to pay for more expensive tires when you need to replace them on a bigger or luxury model. Or if you’re switching from a car to an SUV, you might have to pay more at the pump now. All of that factors into your new car budget.

“Everybody loves getting a new car, but everybody hates going through the process of buying a new car,” says Turner. “So we try to make that dreaded experience as positive as we possibly can and meet your expectations.

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